{ "markdown": "FBRT 1Q 2026 Financial Update\n# Capitalization Overview\n\nAverage debt cost including financing was 6.0% in 1Q26 vs. 6.5% in 4Q25\n\n\n
Financing Sources (1) \n\nA donut chart illustrating the distribution of financing sources. The chart is divided into five segments: Collateralized Loan Obligations (57%), Warehouse (33%), Repo - Securities (5%), Unsecured Debt (4%), and Asset Specific Financings (1%).
SourcePercentage
Collateralized Loan Obligations57%
Warehouse33%
Repo - Securities5%
Unsecured Debt4%
Asset Specific Financings1%
\n\n
Net Leverage (2) \n\nThis is a bar chart comparing Recourse Net Leverage and Total Net Leverage. The chart features two vertical bars on a light gray background. The first bar, representing 'Recourse Net Leverage', is light blue and has a value of 1.16x. The second bar, representing 'Total Net Leverage', is dark blue and has a value of 2.84x. The y-axis ranges from 0.00x to 3.00x in increments of 0.50x.
CategoryValue
Recourse Net Leverage1.16x
Total Net Leverage2.84x
\n\n\n 1. On our core book (excluding repo-securities and NewPoint), 61% of financings are non-mark-to-market.\n 2. Net leverage represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, repurchase agreements - commercial mortgage loans, repurchase agreements - real estate securities,\nasset-specific financing arrangements, and unsecured debt, less cash and cash equivalents, to (ii) total equity and total redeemable convertible preferred stock, at period end. Recourse net leverage excludes collateralized loan obligations.\n\n\nBENEFIT STREET PARTNERS\n\n\n8\n\n", "structure": { "type": "document", "markdown": null, "children": [ { "type": "page", "page": null, "span": null, "width": null, "height": null, "dpi": null, "grounding": { "page": 1, "range": { "start": 0, "end": 2061 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 1.0, "ymax": 1.0 } }, "markdown": null, "status": "ok", "reason": null, "children": [ { "type": "text", "id": "text-0", "span": null, "grounding": { "page": 1, "range": { "start": 0, "end": 129 }, "box": { "xmin": 0.03912, "ymin": 0.02934, "xmax": 0.62942, "ymax": 0.13923 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 30 }, "box": { "xmin": 0.04261, "ymin": 0.03459, "xmax": 0.24593, "ymax": 0.05656 } }, { "page": 1, "range": { "start": 30, "end": 57 }, "box": { "xmin": 0.04153, "ymin": 0.06058, "xmax": 0.3674, "ymax": 0.10451 } }, { "page": 1, "range": { "start": 57, "end": 129 }, "box": { "xmin": 0.04209, "ymin": 0.10647, "xmax": 0.62616, "ymax": 0.1349 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "figure", "id": "figure-0", "span": null, "grounding": { "page": 1, "range": { "start": 131, "end": 787 }, "box": { "xmin": 0.01823, "ymin": 0.15966, "xmax": 0.49634, "ymax": 0.81301 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 131, "end": 787 }, "box": { "xmin": 0.01823, "ymin": 0.15966, "xmax": 0.49634, "ymax": 0.81301 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "figure", "id": "figure-1", "span": null, "grounding": { "page": 1, "range": { "start": 789, "end": 1439 }, "box": { "xmin": 0.50415, "ymin": 0.16333, "xmax": 0.98161, "ymax": 0.81215 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 789, "end": 1439 }, "box": { "xmin": 0.50415, "ymin": 0.16333, "xmax": 0.98161, "ymax": 0.81215 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "text", "id": "text-1", "span": null, "grounding": { "page": 1, "range": { "start": 1441, "end": 2029 }, "box": { "xmin": 0.0416, "ymin": 0.90772, "xmax": 0.94503, "ymax": 0.95764 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 1441, "end": 1547 }, "box": { "xmin": 0.04412, "ymin": 0.91269, "xmax": 0.44355, "ymax": 0.92661 } }, { "page": 1, "range": { "start": 1547, "end": 1788 }, "box": { "xmin": 0.04332, "ymin": 0.92843, "xmax": 0.94369, "ymax": 0.94183 } }, { "page": 1, "range": { "start": 1788, "end": 2029 }, "box": { "xmin": 0.0548, "ymin": 0.94212, "xmax": 0.93578, "ymax": 0.95511 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "text", "id": "text-2", "span": null, "grounding": { "page": 1, "range": { "start": 2031, "end": 2055 }, "box": { "xmin": 0.73721, "ymin": 0.95922, "xmax": 0.91203, "ymax": 0.9785 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 2031, "end": 2055 }, "box": { "xmin": 0.74044, "ymin": 0.96095, "xmax": 0.90926, "ymax": 0.9751 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "marginalia", "id": "marginalia-0", "span": null, "grounding": { "page": 1, "range": { "start": 2057, "end": 2059 }, "box": { "xmin": 0.94561, "ymin": 0.95937, "xmax": 0.9585, "ymax": 0.97767 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 2057, "end": 2059 }, "box": { "xmin": 0.94885, "ymin": 0.96221, "xmax": 0.95564, "ymax": 0.97409 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null } ] } ] }, "grounding": null, "metadata": { "req_id": null, "job_id": "parse-01m3d9a0b23kavkaf1hsqfbya5", "model_version": "dpt-3-pro-20260710", "page_count": 1, "markdown_chars": null, "output_markdown_chars": 2108, "range_units": "unicode_codepoints", "openapi_spec": "https://api.ade.landing.ai/openapi.json", "failed_pages": [], "duration_ms": 7015, "billing": { "service_tier": "standard", "total_credits": 1.1 } } }